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Tata Steel sees opportunities for synergy with Bhushan Steel

Press Trust of India  |  New Delhi 

sees opportunities for with Bhushan Steel, which it acquired under the corporate resolution process, a top said today.

Speaking on the successful acquisition of debt-laden Bhushan Steel, and MD T V said it was the best asset on block.

The remark by chief came after a meeting with the senior officials at the South Block here.

A of Tata Steel said it was a "routine meeting".

"We see lot of opportunities for synergies because it is a mill and (has) configuration with which we are very familiar. We know the blast furnace. It has rolling mill with excess capacity. It is close to where we are currently operating. It takes years to build a plant, It took 10 years for Kalinganagar," told reporters.

On a petition filed by promoter in NCLAT challenging the eligibility of Tata Steel as resolution applicant under Section 29 A of the and Bankruptcy Code, he said: "Tata Steel has gone through the process. I understand it is difficult to lose an asset which you have created".

The (NCLAT) today declined to stay Tata Steel's acquisition of under the corporate resolution process and issued notices to Tata Steel, the resolution professional and (CoC) of on the petition filed Singal challenging the sale.

Tata Steel has won the bid to acquire (BSL) in an insolvency auction. The company has also successfully completed the acquisition of controlling stake of 72.65 per cent in (BSL) through its (BNPL).

Bhushan Steel, one of the 12 non-performing accounts referred by the for (NCLT) proceedings, owes Rs 44,478 crore to its lenders.

As per the company's website, it is the third largest in the country with annual capacity of 5.6 million tonnes.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 21 2018. 19:05 IST